Pension Auto-enrolment – a guest blog
If only we were Danish…
We are living longer, much longer. Millions of us will be spending around a third of our lives or more in a retirement. And someone has to pay for the longest holidays of our lives.
Apparently, Danish have exactly the same problem and they came out with a brilliant solution – send Danish couples on a romantic holiday to help increase the Danish birth rate.
British government also came out with a solution – Pension Auto-enrolment is the latest attempt to reinvigorate pension savings in this country by making an obligation on all employers to enrol their staff into a pension.
Auto-enrolment started in 2012 though for most dental practices the staging date will be 2016/17 (depending on how many people you employ).
If you fail to live up to your duties you may have to pay a fine of up to £500 a day.
The total number of employers fined for failing to comply reached 169 by the end of 2014, according to figures released by The Pensions Regulator.
Setting up qualifying pension scheme is an extremely time consuming process, which is more about project management, data and compliance and less about pensions and retirement.
You should get your act together well ahead your staging date so you don’t end up panicking last minute.
Preparation and planning is key for your businesses in order for you to understand and determine the impact it will have on you and your team.
Your 6-step action checklist
Know when you need to act
Start the planning process early
Brief your key personnel
Mobilize an implementation team
Communicate changes to the staff
We can help you with identifying
How auto enrolment will affect your business and your employees
How you should plan and prepare for auto-enrolment
How to ensure an existing pension scheme is compliant
How to deal with administrative requirements of auto-enrolment
How to ensure you get the right support and advice
Marta Derpenska BA (Hons) DipFA
St. James’s Place Wealth Management
TeL: 0207 744 1600
York House, 23 Kingsway, London, WC2B 6UJ
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